SOLUTION: YOU WANT TO BE A MILLIONAIRE WHEN YOU RETIRE IN 40 YEARS TIME. HOW MUCH DO YOU HAVE TO SAVE EACH MONTH IF YOU CAN EARN 11% ANNUAL RETURN?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: YOU WANT TO BE A MILLIONAIRE WHEN YOU RETIRE IN 40 YEARS TIME. HOW MUCH DO YOU HAVE TO SAVE EACH MONTH IF YOU CAN EARN 11% ANNUAL RETURN?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 863213: YOU WANT TO BE A MILLIONAIRE WHEN YOU RETIRE IN 40 YEARS TIME. HOW MUCH DO YOU HAVE TO SAVE EACH MONTH IF YOU CAN EARN 11% ANNUAL RETURN?
Answer by tommyt3rd(5050) About Me  (Show Source):
You can put this solution on YOUR website!
F=A%281%2Br%2Fn%29%5E%28n%2At%29
10%5E6=A%281%2B0.11%2F12%29%5E%2812%2A40%29

A=$12,525.91 each month